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08/12/2009

Pimco makes three recruitments for equities activities

PIMCO, a subsidiary of Allianz, announced on December 7 that it has completed another set of key hires as it expands the range of investment solutions it provides to its clients around the world. Anne Gudefin and Charles Lahr will join PIMCO as Executive Vice Presidents and Global Equities Portfolio Managers; and Neel Kashkari will join the firm as a Managing Director and Head of New Investment Initiatives. Ms. Gudefin and Mr. Lahr come to PIMCO from the Mutual Series Group of Franklin Templeton Investments where they were co-Portfolio Managers for the Franklin Mutual Global Discovery Fund. They will be based in the firm’s London and New York offices, respectively. At PIMCO, they will focus on establishing and managing global equity investment strategies based on a “deep value” style approach. Mr. Lahr’s first day at PIMCO is December 7 and Ms. Gudefin will begin in early January 2010. Mr. Kashkari joins PIMCO having served until May 2009 as Assistant Secretary of the Treasury, where he led the Office of Financial Stability. He was previously at Goldman Sachs. He will be based in the firm’s Newport Beach office. At PIMCO, he will help direct the firm’s expansion into new investment initiatives, including its equities business. Mr. Kashkari will be a senior member of the firm’s Executive Office and work closely with PIMCO’s portfolio management, business management and client-facing groups. Mr. Kashkari’s first day at PIMCO is December 14.
08/12/2009

New head of distribution for North America at DWS

MutualFundWire.com reports that DWS Investments Distributors has recruited Bob Kendall as head of distribution. Kendall, who is based in Chicago and has been active in his new role for several days, will report directly to the CEO of DWS Investments Distributors, Mike Woods. Kendall was previously head of distribution at Van Kampen, which has now been acquired by Invesco.
08/12/2009

State Street GA launches a passive SRI strategy

State Street Global Advisors, a specialist in portfolio management, announced on Monday, 7 October, that it has launched an index-based strategy based on the US Community Investing Index, which will aim to replicate the returns and characteristics of the socially responsible investment (SRI) index US Community Investing IndexTM (USCII). The index is composed of 300 large and midcap firms “in all sectors, which have proven their success and their proactive engagement with disadvantaged rural and urban communities in the United States,” says a statement from State Street Advisors. The USCII fund applies a methodology which positively evaluates the investment performance and social engagement of many businesses on the basis of three criteria: strategic alignment, professional development and creation of wealth, and social engagement and business sponsorship.
08/12/2009

Inflows continue for Italian bond funds

In November, for the fifth consecutive month, funds on sale in Italy have posted a positive balance between subscriptions and redemptions, totalling EUR1.27bn in inflows, according to the most recent statistics from Assogestioni, the Italian association of asset managers. Like last month, inflows were driven by bond funds, which saw EUR1.4bn in net inflows. This category now represents 38% of assets in Italian funds, compared with 20.2% for equities funds, which in November saw inflows of EUR38m. Flexible funds and balanced funds are also in positive territory, with EUR425m and EUR124m in inflows, respectively. Despite five months of net inflows, since the beginning of the year, Italian funds have seen net redemptions of EUR4.55bn. At the end of the month, total assets in the asset management sector were down to EUR422bn, from EUR424.4bn in October. Among asset managers which earned the highest returns in November are BNP Paribas, with EUR448m, Mediolanum with EUR252m, JPMorgan Asset Management with EUR124m, and Crédit Agricole AM and Pioneer, both with EUR118.4m. However, asset management firms which saw the heaviest net outflows were Intesa Sanpaolo (-EUR222.3m) and Allianz (-EUR145.1m).
08/12/2009

RBC Dexia to refund commissions on three funds

The PBP Dinero Fontesoro Corto Plazo and PBP Tesorería funds from the asset management firm of the private bank Banco Popular, and Fonprofit, from Gesprofit, will receive refunds totalling about EUR0.4m from RBS Dexia, which has notified the CNMV of its intentions to repay the funds. The refunds correspond to an overcharge for international depository commissions which were initially levied at the time before Spain transitioned from the Peseta to the Euro. The CNMV has asked depository banks to discontinue the service charge. The regulator has now required that undue charges be reimbursed. A wave of refunds of this type may now be expected. RBC Dexia’s redemption will be paid into the fund, except for subscribers who have redeemed their investment in the fund in the intervening years, who must apply to the asset management firm for a refund of the amount owed to them.
08/12/2009

Insight plants a European flag on UK Corporate Bond fund

Investment Week reports that Insight is planning to modify the investment strategy and policy for its UK Corporate Bond fund, to make use of the possibilities offered by the UCITS III directive to make use of derivative instruments for effective portfolio management and improves expression of investment decisions. The portfolio, managed by Peter Bentley, with about GBP53.4m in assets, will be renamed Sterling corporate Bond Fund, and will give the priority to absolute returns.
08/12/2009

Shanks Group receives GBP538m takeover bid

The British anti-pollution firm Shanks Group announced on Monday that it had received a “very preliminary and unsolicited” bid from a private equity investor who has not been named to acquire the firm at a price of GBP1.35 per share, which would value the business at about GBP536m. According to financial industry sources, the potential buyer is said to be Carlyle. Shanks Group has said in a market statement “published without the consent of the potential buyer” that, after consultation with its two largest shareholders (Legal & General and Schroders), it estimates that the bid should be raised to at least GBP1.50 per share in order to merit consideration.
08/12/2009

Skandia continues real estate acquisitions

The Skandia Property Fund has completed its third acquisition in six months, with the acquisition of a 90,000 square metre retail location for GBP21.7m, which the fund is planning to lease to the British home electronics outlet B&Q. The GBP315.8m fund is managed by the subadvisor Nigel Pickup (ING Estate Investment Management) for Skandia Investment Group. Pickup is planning to make further acquisitions in 2010. The three acquisitions made in the past six months represent a total investment of GBP42.75m.
08/12/2009

Former Bank of England head joins GLG

GLG has appointed Sir John Gieve, former vice-governor of the Bank of England, as senior adviser. In his new position, he will advise on strategy related to major macro-economic issues, with particular attention to UK activities led by John White and Jason Mackay (USD2.37bn).
08/12/2009

Edmond de Rothschild Investment Managers opens an office in Madrid

As Funds People announced on 24 September 2009 (see Newsmanagers of that date), Edmond de Rothschild Investment Managers, an asset management affiliate of La Compagnie Financière Edmond de Rothschild Banque, has confirmed the opening of a branch office in Spain, located in Madrid. Though EDRIM already has funds licensed for sale on the Spanish market, the management firm is planning to develop its activities serving institutional clients, private banks, and family offices. The branch office will be directed by Sébastien Senegas, who is already head of the Spanish market at the firm’s headquarters in Paris.
08/12/2009

More than half of retail investors interested in green investment

According to the most recent edition of the DZ Bank investment barometer, established by TNS Infratest on the basis of a survey of a representative sample of 1,026 people between 13 and 25 November, 55% of German retail investors are interested in green investments, compared with 48% one year earlier, and 26% have already invested in products of this type, compared with 22% at the beginning of 2009. Among respondents with an income of over EUR3,000 per month per household, 35% have already made green investments. Only 17% of respondents say that they would not invest in supports of this type. However, there is a considerable difference between the interest shown in ecological investments and actual investment, as about half of interested parties have not yet acted on their desires, which may appear surprising given the high percentage of Green voters in Germany. In addition, 80% of interested respondents who have not invested say that their bank has not yet offered them products of this type, and 74% say they do not have enough information about investment possibilities, while nearly 64% say the products are too opaque, and 48% say the products are too complicated. Lastly, 48% say the range of green products on the market is insufficient, and 45% say these investments are too risky.
08/12/2009

S&P lauches carbon emissions index for emerging markets

S&P Indices is going to launch the Carbon Efficient Index for Emerging Markets next week (10 December) at Copenhagen UN Climate Change conference. The index is expected to encourage carbon-based competition among emerging market companies, give carbon efficient companies access to long-term investors, and help reduce carbon emissions in developing countries, with a low tracking error over the parent index.
08/12/2009

Berenberg concentrates equities research in London

The German private bank Berenberg, whose assets under management total over EUR20bn, will bring together its team of analysts in London. It is planning to relocate its approximately 20 analysts currently located in Hamburg, Paris and Zurich to London in second quarter 2010. As part of the move, Berenberg is planning to reorganize its equities research by sector, with the priority given initially to the health, telecom, IT, consumer, real estate, MedTech, intermediate goods, base materials, construction, and discretionary consumer sectors. By the end of 2010, staff at the investment bank’s London offices will more than double to about 100.
08/12/2009

Net subscriptions for Luxembourg funds in October

In October, specialist collective investment organisms in Luxembourg posted net subscriptions of EUR13.645bn, according to the most recent statistics from the financial sector surveillance commission (CSSF). With the negative impact of financial markets of EUR9.951bn taken into account, assets have increased by only 0.21% in one month, to EUR1.777528trn. In the past two months, assets have increased 7.92%. The number of collective investment organisms (OPC) and specialised investment funds (FIS) included in the figures totalled 3,454, compared with 3,457 the previous month, while 2,081 entities, representing EUR10,874 sub-funds, have adopted a more classic structure. With the addition of 1,373 entities with traditional structures, a total of 12,247 entities are active on the financial markets.
07/12/2009

SWIP achète un portefeuille immobilier auprès d'Aviva

Vendredi 4 décembre, Scottish Widows Investment Partnership a annoncé que son trust immobilier (1,4 milliard de livres) a acheté un portefeuille de douze actifs immobiliers d’Aviva Investors pour 260 millions de livres, dont des entrepôts à Beckton et Reading, des bureaux à Manchester et Edimbourg, des magasins à Bornemouth et des sites industriels à Crawley et Denham. Le rendement net de ces actifs devrait être de l’ordre de 7 %.
07/12/2009

Gartmore confronté à des remboursements de 400 millions de livres

Le mois dernier, la société de gestion britannique Gartmore a été confrontée à des remboursements totalisant 400 millions de dollars, soit quelque 266 millions d’euros, pour des clients ayant investi dans la gestion alternative.Après prise en compte de gains qui compensent en partie ces sorties, Gartmore fait état d’une perte nette de 85 millions de dollars, selon eFinancialNews. Il s’agit de la plus forte perte mensuelle depuis le début de l’année. Conséquence de la crise financière, la société avait perdu 900 millions en janvier, puis 450 millions en février. En revanche, pendant l'été et l’automne, les gains mensuels se sont élevés en moyenne à 200 millions de dollars par mois.Selon Morgan Stanley, qui conseille Gartmore sur son introduction en Bourse, ce sont des investissements dans des stratégies quantitatives (9% du total des actifs) qui ont déclenché l’hémorragie. Morgan Stanley est toutefois optimiste en ce qui concerne les perspectives bénéficiaires des hedge funds de la société. Les analystes prévoient des gains nets de 141 millions de dollars pour le premier semestre 2010 et de 131 millions pour le second semestre.
07/12/2009
Fonds

Plus d'investissement pour le fonds 2008 de Candover Partners

Les temps sont durs pour les fonds de LBO rapporte l’Agefi qui note que Candover Partners a annoncé vendredi la clôture prématurée de la période d’investissement de son fonds 2008 en raison de l’incapacité de la structure cotée Candover Investments plc à apporter le milliard d’euros prévu à cette occasion. De fait, le seul actif en portefeuille - la société de services dans les hydrocarbures Expro continuera à être géré par l'équipe de Candover Partners mais cette dernière ne mènera plus d’acquisitions. De leur coté, les souscripteurs sont libérés de leur engagement. Les fonds souscrits sont appelés au fur et à mesure des opérations mais doivent être immobilisé pendant la phase d’investissement du fonds, note le quotdien.
Fonds
07/12/2009
Fonds

Le Skandia Property Fund investit au Royaume-Uni

Skandia Property Fund vient d’effectuer son troisième investissement en six mois en se portant acquéreur d’un entrepôt de 90.000 mètres carrés situé à Halesowen au Royaume-Uni. Le fonds géré par Nigel Pickup (ING Real Estate Investment Management) pour le compte de Skandia Investment Group (SIG) a payé 21,7 millions de livres pour cet achat.
Fonds
07/12/2009

Marc Romano rejoint NewFinance Capital en tant que CEO

A compter du 18 janvier 2010, Marc Romano va rejoindre l’entité spécialisée dans les fonds de hedge funds NewFinance Capital LLP (NFC), propriété à 100% de Schroders, en tant que Chief Executive Officer.Marc Romano était précédemment chez Crédit Agricole Asset Management (CAAM) Alternative Investment où il était CEO et responsable des activités de multigestion du groupe CAAM. Il sera directement rattaché à Marc Hotimsky, qui prendra les fonctions de Executive Chairman de NFC, en sus de ses responsabilités en tant que chairman du comité d’investissement.Lancé en 2002, NFC, fort d’un effectif de 35 personnes dont une équipe d’investissement de 17 personnes, est à la tête d’un encours de 2,4 milliards de dollars avec des bureaux à Londres et New York.
07/12/2009

Helvetia Wealth acquiert Citi Gate et TAM

Le gestionnaire de fortune suisse Helvetia Wealth AG a annoncé avoir acheté Citi Gate Money Managers (Edimbourg) et une participation de contrôle dans le londonien TAM Asset Management. Avec ces deux acquisitions, l’encours d’Helvetia dépasse 1 milliard de francs suisses, juste quatre ans après sa fondation. La licence de courtier dont dispose TAM au London Stock Exhange permettra de plus à Helvetia d’exécuter ses transactions plus rapidement et avec de meilleures marges pour ses clients, souligne Guy van der Walt, vice CEO d’Helvetia Wealth.
07/12/2009
Fonds

Les investisseurs veulent davantage de pouvoir dans les fonds immobiliers

La crise de l’immobilier a changé la relation entre les investisseurs institutionnels et les gestionnaires des fonds immobiliers. Les assureurs veulent davantage de pouvoir non seulement parce qu’ils sont mécontents de la manière dont la récente crise a été gérée mais aussi parce que la BaFin est devenue plus exigeante à leur égard en matière de gestion du risque, rapporte le Handelsblatt.Cela aura deux conséquences principales : d’une part, la taille des fonds va diminuer, parce que les banques et les assureurs sont devenus plus prudents. De l’autre, le nombre d’investisseurs par fonds va se réduire parce que les souscripteurs feront plus attention qu’avant à qui investit avec eux. On devrait assister à une multiplication des «club deals» et à aussi des fonds «individuels» montés pour un seul investisseur.D’après Henning Klöppelt, directeur général de Warburg Henderson, il faut que cet investisseur apporte au moins 150 millions d’euros pour atteindre les 300 millions avec l’effet de levier : c’est le minimum pour acheter 12 à 20 immeubles. Avec moins de 12 actifs, on ne peut pas sérieusement diversifier ses risques.
Fonds
07/12/2009

Deka Investment et Deka FundMaster fusionnent

Les deux sociétés Deka Investment GmbH et Master-KAG Deka FundMaster Investmentgesellschaft mbH vont fusionner mi-2010. La nouvelle entité sera baptisée Deka Investment GmbH et réunira dans la même maison la gestion des fonds et des mandats de Master-KAG. Le siège demeure à Francfort.
07/12/2009

Sal. Oppenheim lance un fonds flexible

Oppenheim Fonds Trust GmbH (OPFT) annonce le lancement d’un fonds diversifié flexible, dont l’exposition aux actions et obligations peut varier de 0 % à 100 %. Le fonds Oppenheim Strategiekonzept III, géré par Heinz Merkens, ne présente pas de risque de change, n'étant investi que dans des obligations libellées en euro.
07/12/2009

Pioneer devrait nommer un dirigeant international

Selon Il Sole – 24 Ore, le départ de Dario Frigerio, CEO de Pioneer, aurait été voulu par Alessandro Profumo, le patron d’UniCredit, la maison mère de la société de gestion. Ce dernier aurait l’intention de le remplacer par un dirigeant étranger (probablement écossais). L’idée étant d’internationaliser la société de gestion.Il y a six mois, UniCredit aurait essayé de céder Pioneer. Mais la banque aurait reçu une offre insuffisante. La nomination d’un nouveau dirigeant semble indiquer que la société de gestion n’est plus à vendre, selon le quotidien italien.
07/12/2009

Permira désendette Valentino

Le capital-investisseur Permira a décidé de racheter la dette de Valentino auprès de Citigroup, l’un des trois créanciers de l’italien avec Mediobanca et la HypoVereinsbank (HVB), rapporte la Börsen-Zeitung. Actuellement, la dette de Valentino, qui contrôle Hugo Boss, est estimée à 2,2 milliards de dollars, dont un tiers à l'égard de Citigroup.
07/12/2009

Le fonds souverain KIA sort de Citigroup

Selon Les Echos, le fonds d’investissement public koweïtien KIA a annoncé hier avoir cédé sa participation dans la banque américaine Citigroup en empochant une plus-value. Kuwait Investment Authority, qui avait investi 3 milliards de dollars dans Citigroup en janvier2008, a en effet gagné 1,1 milliard de dollars en revendant ses parts pour un total de 4,1 milliards de dollars. KIA n’a fait aucune mention, en revanche, de sa participation de 2 milliards de dollars dans Merrill Lynch, prise à la même époque. Depuis, le courtier est passé dans le giron de Bank of America.
07/12/2009
Fonds

La division du fonds a été approuvée chez PAI Partners

L’Agefi rapporte que la société de capital-investissement PAI Partners a recueilli 81% de voix favorables à la division de la taille du fonds à 2,7 milliards d’euros - qui pesait 5,4 milliards d’euros en juin 2008. 80% de voix «pour» étaient nécessaires à la question posée à ses investisseurs (LP). Le quotidien note également que les quelque 130 LP se sont par ailleurs prononcés à 68% pour la réouverture du fonds - la majorité des deux tiers était nécessaire -, qui était gelé jusqu’en mars 20100 suite aux départs annoncés cet été du président de PAI, Dominique Mégret, et de son bras droit, Bertrand Meunier.
Fonds

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